ok we are going to rent our place out in january and need to get lanlord insurance (is there a differrent name). any way what should we be asking for in a policy and who is good for this type of insurance.
Depends.
I have a holiday rental property, of which none of the common insurance companies can fulfill. If this is the case, you will need to go with an insurance broker, as your public liability, damage and risk of theft is much higher.
My annual premium for a 12 month holiday let property is $375.00 which includes $20M public liability insurance.
P.S. If you are Strata Titled, the body corporate will (should) also have insurance to cover public liability outside of your walls.
i use AAMI building + contents insurance plus landlord insurance with tenant protection
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
Bonham wrote:Depends.I have a holiday rental property, of which none of the common insurance companies can fulfill. If this is the case, you will need to go with an insurance broker, as your public liability, damage and risk of theft is much higher.
My annual premium for a 12 month holiday let property is $375.00 which includes $20M public liability insurance.
P.S. If you are Strata Titled, the body corporate will (should) also have insurance to cover public liability outside of your walls.
Hi, that is cheap insurance, who do you use?
Cheers
Depends on your state. Property insurance Plus is fantastic and are based in Melbourne – not sue which other states they have branched out to yet. Terri scheer and Aon are also pretty good in my experience. Most landlord insurance policies for a standard residential lease arrangement will cost you a little less than $300 per year.
cool thanks
JacM wrote:i use AAMI building + contents insurance plus landlord insurance with tenant protectionWhy do you get contents insurance? Is it furnished?
keiko wrote:Bonham wrote:Depends.I have a holiday rental property, of which none of the common insurance companies can fulfill. If this is the case, you will need to go with an insurance broker, as your public liability, damage and risk of theft is much higher.
My annual premium for a 12 month holiday let property is $375.00 which includes $20M public liability insurance.
P.S. If you are Strata Titled, the body corporate will (should) also have insurance to cover public liability outside of your walls.
Hi, that is cheap insurance, who do you use?
Cheers
I use EBM Insurance Brokers in Abbotsford, Vic.
The policy includes $50K contents insurance as it is fully furnished for holiday letting and a further $50K for loss of rental income up to 12 months for insured damage, death of guest and prevention of access, as well as the $20M Landlords Legal Liability as previously mentioned.
Catalyst wrote:JacM wrote:i use AAMI building + contents insurance plus landlord insurance with tenant protectionWhy do you get contents insurance? Is it furnished?
No not furnished. However you do need SOME contents insurance to cover things such as the window coverings (curtains) and carpets. Believe it or not, they are not considered part of the building itself. Ask your insurer to explain what things in rental are not covered by building insurance and you'll soon find out.
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
i shopped around and found Real Insurance to be the cheapest for my investment property.
JacM wrote:Catalyst wrote:JacM wrote:i use AAMI building + contents insurance plus landlord insurance with tenant protectionWhy do you get contents insurance? Is it furnished?
No not furnished. However you do need SOME contents insurance to cover things such as the window coverings (curtains) and carpets. Believe it or not, they are not considered part of the building itself. Ask your insurer to explain what things in rental are not covered by building insurance and you'll soon find out.
With some inmsurers that is correct, however you said you were with AAMI.
With AAMI landlords building insurance they DO cover carpet and curtains so you are paying twice. It seems like YOU need to read your policy.
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